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Clarify all doubts related Car Insurance

What is the difference between third party and comprehensive insurance?

Third party insurance is a mandatory cover that insures you against the liability
arising from damages caused to a third party. In addition to third party, if you
add protection against own damages (OD), that becomes comprehensive insurance. It
can also be extended by opting for various Add-ons.

What is a No Claim Bonus (NCB)?

No Claim Bonus is a discount that can be availed during motor policy renewal. The
rate of discount is 20% of the Own Damage premium in the first year and increases
@5% every year, up to a maximum of 50%. You are eligible for a No Claim Bonus if
you have not registered a claim during the entire (previous) policy period. No Claim
Bonus is not transferrable to a new owner of the vehicle as it is a reward by the
insurer for not claiming in previous years. Hence, in case you purchase a new vehicle,
you can use the NCB of the previous vehicle. Some insurance companies in India also
offer a No Claim Bonus protection rider.

I plan to purchase a new car. Can I transfer my existing policy to the new one?

Yes, the existing policy is transferable in case you buy a new car. But if the new
car is more expensive, the insurance premium will be higher. A small administration
fee will also be charged for the policy to be transferred to your new car.

What is the difference between third party and comprehensive insurance?

Third party insurance is a mandatory cover that insures you against the liability
arising from damages caused to a third party. In addition to third party, if you
add protection against own damages (OD), that becomes comprehensive insurance. It
can also be extended by opting for various Add-ons.

What is a No Claim Bonus (NCB)?

No Claim Bonus is a discount that can be availed during motor policy renewal. The
rate of discount is 20% of the Own Damage premium in the first year and increases
@5% every year, up to a maximum of 50%. You are eligible for a No Claim Bonus if
you have not registered a claim during the entire (previous) policy period. No Claim
Bonus is not transferrable to a new owner of the vehicle as it is a reward by the
insurer for not claiming in previous years. Hence, in case you purchase a new vehicle,
you can use the NCB of the previous vehicle. Some insurance companies in India also
offer a No Claim Bonus protection rider.

I plan to purchase a new car. Can I transfer my existing policy to the new one?

Yes, the existing policy is transferable in case you buy a new car. But if the new
car is more expensive, the insurance premium will be higher. A small administration
fee will also be charged for the policy to be transferred to your new car.

What is the difference between third party and comprehensive insurance?

Third party insurance is a mandatory cover that insures you against the liability
arising from damages caused to a third party. In addition to third party, if you
add protection against own damages (OD), that becomes comprehensive insurance. It
can also be extended by opting for various Add-ons.

What is a No Claim Bonus (NCB)?

No Claim Bonus is a discount that can be availed during motor policy renewal. The
rate of discount is 20% of the Own Damage premium in the first year and increases
@5% every year, up to a maximum of 50%. You are eligible for a No Claim Bonus if
you have not registered a claim during the entire (previous) policy period. No Claim
Bonus is not transferrable to a new owner of the vehicle as it is a reward by the
insurer for not claiming in previous years. Hence, in case you purchase a new vehicle,
you can use the NCB of the previous vehicle. Some insurance companies in India also
offer a No Claim Bonus protection rider.

I plan to purchase a new car. Can I transfer my existing policy to the new one?

Yes, the existing policy is transferable in case you buy a new car. But if the new
car is more expensive, the insurance premium will be higher. A small administration
fee will also be charged for the policy to be transferred to your new car.

What is the difference between third party and comprehensive insurance?

Third party insurance is a mandatory cover that insures you against the liability
arising from damages caused to a third party. In addition to third party, if you
add protection against own damages (OD), that becomes comprehensive insurance. It
can also be extended by opting for various Add-ons.

What is a No Claim Bonus (NCB)?

No Claim Bonus is a discount that can be availed during motor policy renewal. The
rate of discount is 20% of the Own Damage premium in the first year and increases
@5% every year, up to a maximum of 50%. You are eligible for a No Claim Bonus if
you have not registered a claim during the entire (previous) policy period. No Claim
Bonus is not transferrable to a new owner of the vehicle as it is a reward by the
insurer for not claiming in previous years. Hence, in case you purchase a new vehicle,
you can use the NCB of the previous vehicle. Some insurance companies in India also
offer a No Claim Bonus protection rider.

I plan to purchase a new car. Can I transfer my existing policy to the new one?

Yes, the existing policy is transferable in case you buy a new car. But if the new
car is more expensive, the insurance premium will be higher. A small administration
fee will also be charged for the policy to be transferred to your new car.